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Sacombank agrees to partner up with Thai firm
Sacombank Securities signed a cooperative agreement with Thailand's Tisco Securities on October 11, the first of its kind between Vietnamese and Thai securities firms that would lead to the cross-listing of companies on the stock exchanges of both countries.
The agreement, which included areas of investment banking, brokerage and investment in the Vietnamese market, will last for one year, but could be extended if proved to be beneficial for both companies. It would promote capital market-related cooperation starting with investment banking activities.
The partnership with Sacombank Securities will help Tisco expand business coverage in Vietnam, one of the fastest growing economies in Asia, Paiboon Nalinthrangkurn, managing director of Tisco Securities, was quoted by local newspapers as saying.
Tisco will work with Sacombank Securities to assist Vietnamese companies and state enterprises to list on the Ho Chi Minh Stock Exchange. If Vietnamese companies are interested in listing on the Thai bourse, Tisco will help them to comply with listing regulations.
Meanwhile, Nguyen Ho Nam, CEO of Sacombank Securities, said the partnership would create business between the two firms as many Thai companies had invested in Vietnam to date.
VNA
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